The Conservative Government has launched an ambitious new federal budget focused on job creation and growth to support Canada's economic recovery. The budget also included a disciplined long-term plan to return to balanced budgets.
"Our Government presented a jobs and growth budget," said John Duncan, Member of Parliament for Vancouver Island North. "We are completing Year Two of our Economic Action Plan to create and protect jobs now. We are also taking new, targeted measures to fuel new jobs in the future. Our forward-looking action will secure Canada's economic growth for today and tomorrow."
The budget highlights three key objectives.
First, it confirms $19 billion in new federal stimulus under Year 2 of Canada's Economic Action Plan to create and protect jobs. The Action Plan has provided the opportunity for the communities of Vancouver Island North to invest in critical infrastructure that will build a foundation for future prosperity. Budget 2010 confirms our government's commitment to these projects and to our communities.
Second, Budget 2010 invests in a limited number of new, targeted initiatives to build jobs and growth for the economy of tomorrow, harness Canadian innovation, and make Canada a destination of choice for new business investment. BC will benefit from the $222 million to be provided over the next five years to strengthen the world-leading research taking place at TRIUMF, Canada's premier national laboratory for nuclear and particle physics research, which is located at the University of British Columbia.
Third, it outlines a three-point plan for returning to budget balance once the economy has recovered. This includes ending the temporary stimulus measures as promised, restraining growth in spending through targeted measures and additional restraint through an in-depth review of government's administrative functions and overhead costs.
Unlike other political parties in Ottawa, the Government has been clear that it will not raise taxes or reduce major transfers to provinces or to individuals. In fact, Budget 2010 confirmed the Conservative Government's strong support for the provinces.
British Columbia will continue to receive increased federal support through Budget 2010. Total transfers will hit $6.3 billion in 2010-11, an increase of $1.3 billion over 2005/06 levels.
While previous Liberal governments starved provinces and municipalities of much needed support, the Conservative Government increased key transfers such as $3.6 billion through the Canada Health Transfer, an increase of $231 million from last year; and $1.5 billion in social transfers, an increase of over $34 million since 2005-06. For British Columbia, this payment represents an increase of $294 million since 2005-06 - an increase of 24.7 per cent.
This long-term support helps ensure British Columbia has the resources needed to provide essential public services including health care, post-secondary education and other social services.
For more information on how Canada's Economic Action Plan benefits them, people are encouraged to visit www.budget.gc.ca.